As per the media reports, CBI is preparing a list of all the famous celebrities who have received gifts from the Pearls Group. What’s worth mentioning here is that this list also includes names of Indian cricketers Yuvraj Singh and Harbhajan Singh.
On January 9, CBI arrested Nirmal Singh Bhangoo, MD of Pearls Group and three others on the charges of cheating innocent investors in a Rs. 45,000 crore Ponzi scam.
Ponzi is used for a type of fraud in which investors are made to believe in the success of a firm as the first investors get paid quick returns using the funds received by the later investors.
Both the cricketers who are getting ready for the three-match T20 International series against Australia have also received plots in Mohali from Pearls Group. However, now these plots will be seized by CBI and ED.
Yuvraj’s mother Shabnam made it clear that her family is not involved with Pearls Group as she said, “Pearl Group informed us to gift a plot as part of World Cup winning team in 2011. However, we have not received that plot. We have no other involvement whatsoever with Pearl Group.”
Pearls Group has appointed former Australia pacer Brett Lee as their brand ambassador in order to promote their interests in Australia.
Pearls Group has also sponsored an IPL team in the past as well as India-West Indies ODI series (2011).
